Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1887-05-05
The Debt Question.

The debt conlerees were again III session
yesterday, when they adjourned 10 meet Oh
Saturday, unless sooner called together 1t
is expected that Messrs. Thornton and
Brathwate will cable the Virginia commit
tee of the council of foreign bondholders in
London, giving tho results of the delibera-
tons so far and asking for further instruc-
tons.
The obligation Of secrecy was removed
from members of the legislative committee
to the extent that they may communicate,
in confidence, with any of their friends who
are members of the General Assembly.
The legislative committee Tuesday night
agreed upon resolution, which they yes
terday morning submitted to Messrs. Thorn
ton and Brathwaite, in substance that dis
regarding for the present all other questions,
1--WE entertain no hope for e successful ne
gotiaton of a settlement, as the commission
ers for the foreign bondholders do not &C.
cept our estimates Of The amount of the pub
lie revenue (which is approximated at
$G64 000) for the payment of interest on the
public debt"
The statements made to the Governor
and to The legislative committee by the IL
of the State are about $500 900. which is only
enough to nay per cent on 500 100000
Messrs. Thornton and Braithwate have
presented TO the legislative committee tables
to maintain their assertion that the net rev.
enue ought to be and can be made 81 ,200,-
600. 70 this end they point out errors in
the official statement of the auditors, and
urge that reductions can and should be
made in the appropriations for schools, dis.
abed soldiers, iunatic asylums, and govern
mental expenses. They pointedly insist
that the debt is q superior obligation TO the
schools.
When the time came for making propo-
sitions the legislative committee proposed
the Riddebcrger bill and the bondholders
proposed per cent. on the principal of the
consol debt, and per cent on the prnci
pal Of the McCuioch bonds-the past due
coupons to be capitalized. They left it to
the General Assembly to say what provision
should be made for the peelers, etc. The
consol debt is over S13,000,000 and the Nc
Culloch over 81. 100000.
The legislative committee informed the
bondholders that such bill would be i'm
possible Of acceptance, and that they could
not give it serious consideration.
Messls. Thornton and Braithwaite were
equally positive in assuring the legislative
committee that the Riddleberger bill could
never be accepted by the bondholders; also
that in any settlement they would expect to
receive tax-receivable coupons on the bonds.
So far it seems that there is no probability
of a settlement being reached; but the com
mittee have agreed to wait until Saturday,
so that Messrs. Thornton and Braithwaite
may in the mean time communicate with
their principals across the water, or with
any other persons, and if on Saturday they
are prepared to make another and more
liberal proposition, it will be received and
submitted to the Legislature.
Yesterday the House adopted Mr.. Fulker
sons resolution to proceed on Monday next
to the consideration of the debt measures.
There was scarcely any opposition manifest
ed, and Speaker Stuart, who is chairman of
the debt conference committee, asked that
ne be counted as voting aye"
When Monday comes, if necessary, the
execution of the order may be deferred to
further date; but this seems unlikely.
There will be q democratic caucus to.
night.